Government is taking steps to achieve $900 bn exports target by 2020 ,Industry and commerce minister Nirmala Saitharamna said in a statement.Government is taking steps to facilitate “Make in India” intitiative so as to achieve targets set by the Foreign trade policy.Government has already initiated a slew of incentives as part of Foreign Trade policy to double the export targets.
Currently India’s good export worth is around $300 billion while service export worth is around $150 billion.Contrary to various goverment initiatives India’s merchandise export dipped by 24.33% in September 2015.The reason for the same is said to be slow in demand of shipment ofpetroleum products , iron ore and engineering goods.When probed on the slowdown in China and India’s impact on the slowdown she said that the presence of Young population and lower cost of production in India is an advantage as compared to the neighbouring country.
“China is becoming a costlier place to produce. China’s population is moving towards retirement…There is a structural adjustment which is happening in China, that is, moving from an export led kind of an economy to a consumer led economy.
“A lot of manufacturers are getting out of China because its no longer the place to be in and on the contrary, we have an advantage in terms of young population and cost of production being far lesser and therefore we will be able to attract a lot of manufacturing into india.” she said in a press conference.
India has a global trade defecit of $48 bilion in 2014 -15.